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Main Discussion Board => General Discussions => Topic started by: Baby Farts on February 01, 2014, 09:44:20 AM

Title: Pot Dealers. Tax Revenues up in Smoke. (In the US, not Korat).
Post by: Baby Farts on February 01, 2014, 09:44:20 AM
God Bless Colorado and the Pot dealers.  I found this article and couldn't help but laugh.  Up in smoke.  Remember that movie, JF?

"Much of the $40 million in sales tax revenue Colorado hopes to collect from legal pot sales could be going up in smoke because banks and credit card companies refuse to work with sellers, claims a state lawmaker.

Unless banks can get a clear signal from federal regulators that it is okay to work with pot dealers without running afoul of laws aimed at launderers of drug money, the marijuana trade will remain what it is in Colorado – an all-cash business. State Sen. David Balmer says that makes it ripe for unreported – and untaxed - transactions.

“So far Colorado has not been able to come up with a solution to the banking problem,” Balmer said. “The vast majority of sales will not be accounted for.”

This part of the article cracked me up:

"“The large cash deposits smell like marijuana, so some of the businesses are spraying the cash with room freshener or perfume to hide the marijuana smell,” Balmer said. “The banks are even more suspicious when they have a person trying to deposit a large cash deposit that smells like perfume.”

More here.

http://www.foxnews.com/politics/2014/01/31/colorado-pot-tax-revenues-could-go-up-in-smoke-says-lawmaker/ (http://www.foxnews.com/politics/2014/01/31/colorado-pot-tax-revenues-could-go-up-in-smoke-says-lawmaker/)